Monday 10 October 2016 12:59 PM
Sam Morgan poised to leave Trade Me board
By Paul McBeth
Oct. 10 (BusinessDesk) - Sam Morgan is poised to leave the board of Trade Me, the company he founded and later sold in 2006, with plans to focus on early-stage businesses and his charitable trust.
Morgan is seeking re-election as a director of the online auction site at its annual meeting in Wellington on Nov. 10, but has told the board this will probably be his last year, according to the company's notice of meeting. He joined the board in 2011, when it was listed, as a nominee of then-owner Fairfax Media, having previously run the company as founder and chief executive until 2008.
"Sam has let the board know that he expects this year to be his last as a director of Trade Me – he is keen to focus in 2017 on early-stage businesses and the charitable foundation he has established," the notice said. "We value Sam’s contribution as a director for as long as he is able to be here."
Sydney-based independent director Katrina Johnson is standing for election at the meeting, having been appointed to the board in June.
Morgan told BusinessDesk he will remain a shareholder in Trade Me, with his interests holding 525,680 shares, according to the company's annual report.
"I'm leaving the board simply to make a bit more space in my own calendar and because I feel everything is travelling along nicely," he said in an emailed statement. "I have complete confidence in the leadership of the business. I'll be remaining a shareholder."
Morgan's looming departure from the Trade Me board will mean he's no longer a director of any NZX-listed companies, having resigned from Xero's board in July. His remaining directorships include online point-of-sale software developer Vend, and workforce management software maker vWork.
Trade Me shares fell 1.3 percent to $5.31 today, having gained 29 percent so far this year.